I'm afraid this is a bit confusing, as in what sense starets is elder? At least age or position in the monastery has nothing to do with this, starets is too specific notion, so better to transliterate it, I think.

For example, in Latvia I have seen many Mormons who are walking around with a tablet with their names: "Elder John" or "Elder James", etc. I think it can be met also in other instances...

"In the Eastern Orthodox Church the term presbyter is used to refer to priests, whose authority is considered to be an extension of that of the local bishop. In Orthodox theology, the charism of Eldership (itself an extenuation of Prophesy) continues to this day in monasticism. An experienced monastic Elder (Greek: Geronta; Slavonic: Starets) will provide guidance not only for their fellow monks, but for the laity as well."

Well, with detailed explaination this is more clear, of course, but I still suspect that without one the term Elder will be understood wrongly. It would be interesting to know how English natives really understand it, if they know nothing about Russian staretses.

For example, in Latvia I have seen many Mormons who are walking around with a tablet with their names: "Elder John" or "Elder James", etc. I think it can be met also in other instances...

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I've seen them too. In Russian their badges read "старейшина Джон". I think it makes difference. "Старейшина" refers to the position of the person in the administrative hierarchy. "Старец" - well, I believe it does refer to the age and the wisdom of the person. I may be wrong here, but I cannot recall any widely known young "старец".

"Старец" - well, I believe it does refer to the age and the wisdom of the person.

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Not exactly. Not any wise and old monk can be attributed as старец. Старец is a wise (and therefore probably rather old) monk, practicing spiritual leadership in regard of other monks in the monastery or laymen.
So by no mean he can be likened to the Mormons' elders or anybody of this kind.

Старец
An elder of an Orthodox Christian monastery can be recognized by alternative name as spiritual father who function as a venerated adviser and teacher. Spiritual fathering is perhaps best expressed through the term mentoring.
I think that инок denotes particular stage of monastic formation, such as novice.

There is nothing weird or crazy about these words, they are quite normal and widely used by Orthodox Christians.

"Старец" is not a hierarchical term. Startsy are outside any hierarchy. These are men who have been given by God a special gift of spiritual guidance. They can read the hearts of those who come to them for spiritual advice, they often know your problem before you start talking about or even before you know that you have it. God opens to them secret thoughts of people. Their prayers are exceptionally ardent, so miracles are sometimes worked in answer to their prayers. They usually receive such gifts after a long ascetic life, so most startsy are elderly monks. But there are some younger startsy, some startsy are married priests (like Fr Alexey Mechov of Moscow) or even lay men. A woman who has the grace of starets is called staritsa. See. http://en.wikipedia.org/wiki/Starets

In English-language Orthodox texts the following equivalents are normally used: elder (female form: eldress) or starets (staritsa) - a transliteration of the Russian word. Of course, if you write for non-Orthodox readers, you will have to explain the meaning of these words.

In this case, you should call an инок a "rassophore monk" in English. (Инокния - a rassophore nun).

Finally, "иеромонах" is a very simply word. It means "a priest who is a monk" and is translated into English as 'hieromonk' or, if you want it very simple, 'priest-monk'.

All this, in fact, is very simple, if you find time to look into it. In fact, you don't have to look for explanations in some obscure religious sources, good old Wikipedia contains quite a lot of such information.